Updated from 6:29 p.m.

Topping the most-actives chart on

Island

ECN tonight was

Cisco Systems

(CSCO) - Get Report

.

But while more than 3 million shares of Cisco traded last night on Island, only 69,000 were recently in play tonight. And while volume neared 4 million shares last night on Instinet, it was lately at about 140,000 on the platform.

Last night, the networking-equipment manufacturer reported good news. The bellwether listed earnings of 18 cents a share, beating analyst estimates by a penny, as it has done for the past several quarters. Revenue popped 66% from a year ago, to $6.52 billion from $3.92 billion. And research analysts raised this morning their earnings estimates for Cisco.

Still, Cisco's stock hunkered in negative territory this morning, before it regrouped to finish up $1.63, or 3%, to $56.75. Tonight, the tech company gained 25 cents, or 0.44%, to $57 on Island and advanced 38 cents, or 0.7%, to $57.13 on Instinet.

News that Cisco's inventory stockpile for communications chips rose 59% over last quarter proved to some Wall Streeters that there will be slowdown in demand for chips, hitting the semiconductor sector hard today. The

Philadelphia Stock Exchange Semiconductor Index

dropped 4.05% today.

On the night watch, shares of semiconductor manufacturer

Broadcom

(BRCM)

, which plunged 19.4% earlier today, recovered $2.25, or 1.3%, to $179.25. Cisco accounts for about 15% of Broadcom's total revenue.

Similarly, shares of

GlobeSpan

(GSPN)

, a manufacturer of advanced digital subscriber line (DSL) circuits, dropped 25.9% today. Cisco is GlobeSpan's top customer. Tonight, the stock took back $1.63, or 3.23%, to $51.88 on Island.

Microsoft

(MSFT) - Get Report

gained 63 cents, or 0.9%, to $71.13 on Instinet and boosted $1.25, or 1.76%, to $72.25. Investors may have bet that Republican candidate George W. Bush, who is expected to go easy on the software giant in the government's antitrust case, will win the election. At last look, however, the race was still too close to call.

Twilight investors will keep watching.

This information is provided by Instinet, a wholly owned subsidiary of Reuters (RTRSY) . For further information, please contact Instinet at www.instinet.com.

Island ECN, owned by Datek Online, offers trading, mainly in Nasdaq-listed stocks, from 7 a.m. to 8 p.m. EST.

Confused?

TheStreet.com

explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.